Briggs & Stratton narrows loss in Q1
Milwaukee-based Briggs & Stratton Corp. reported net sales for the first quarter, 2011, at 334.1 million, up 2.9% from $324.6 million reported for the first quarter of fiscal 2010.
For the three-month period ended Sept. 30, the company reported a net loss of $8.1 million, compared with a net loss of $8.7 million for the same period last year.
For the engines segment, the company reported sales of $205.0 million for the quarter, up 0.4% from last year, with a net loss of $5.5 million, compared with a loss of $4.9 million for the same period last year.
For the power products segment, sales were $168.2 million, up 1.4% from the prior year, with a loss of $5.0 million compared with a net income of $2.5 million for the period last year.
"We are pleased with our fiscal 2011 first quarter results as we move forward executing our strategy despite continued economic uncertainty," commented Todd Teske, chairman, president and CEO of Briggs & Stratton. "We improved sales and operating results through a period of continued slow growth in consumer spending. Along with these improved operating results, our balance sheet remains strong as we continue to focus on efficiently managing our capital."
Looking forward, the company projects a 2011 net income in the range of $60 million to $70 million with a sales increase of 2% to 4%.